What is GST Refund & How to Claim GST Refund?

Posted by Akshay Tiwari on October 15th, 2022

The Goods and Services Tax (GST) is a value-added tax that was introduced in India in 2017. It is a comprehensive, indirect tax levied on the sale of goods and services. GST is levied on the supply of goods and services at the national level.

GST is a single tax that subsumes many other taxes, such as excise duty, service tax, value-added tax (VAT), etc. It is a destination-based tax, which means that it is levied on the consumption of goods and services.

GST is levied on the value of the good or service being supplied. The GST rate depends on the nature of the good or service being supplied. The GST rate is either 5%, 12%, 18%, or 28%.

In this article, we will discuss everything you need to know about GST refunds, including how to claim GST refund and the documents required.

What is a Refund under GST?

Under the GST regime, a refund is a process of refunding any taxes that have been paid in excess of the tax due. The excess tax may be paid by the consumer or the supplier. The refund may be claimed by the consumer or the supplier. The refund may be claimed by the consumer only if the excess tax has been paid by the consumer. The GST refund may be claimed by the supplier only if the excess tax has been paid by the supplier.

There are two types of refund under GST:

1. Input Tax Credit Refund
2. Provisional Refund

Input Tax Credit Refund - Input tax credit refund is the refund of the GST paid on the inputs used in the course of business. The refund is claimed by the supplier of the inputs.

Provisional Refund - A provisional refund is the refund of the GST paid on a provisional basis. The refund is claimed by the consumer of the goods and services.

How to Claim GST Refund

If you are registered for GST, you may be eligible for a refund of some of the GST you have paid.

To claim a GST refund, you must:

1. Complete a GST Return
2. Include all relevant documentation
3. Submit your claim to the ATO

If you are successful, the ATO will process your refund and issue the funds to you. It is important to note that you can only claim a GST refund for the current financial year. If you have paid GST in a previous financial year, you will need to wait until the end of the current financial year to claim your refund.

How did ASC Group help in Claiming GST Refund?

The complete process of claiming a GST refund by ASC Group is as follows:

1. A team of professionals assists in the calculation, reviewing, and submission of the GST Refund claim to the concerned jurisdiction.
2. Assistance in obtaining clarification wherever possible for the clients.
3. Assisting in providing advisory to queries or audits that might create the problem
4. Assistance in succeeding follow-up with the department that may be required to get the GST refund.
5. Assistance in filing appeals in case the GST refund is denied or no action is taken up by the concerned authority.

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